General election announcements can become buried quickly but here is FT Adviser's go-to guide for the main financial announcements ahead of July 4, and what they might mean for you and your clients.
June 20: Almost 90% of savers want pension and savings review from next govt
Research from PensionBee found the policy, as promised in Labour’s manifesto, was supported by 92 per cent of those aged 35 to 44.
Maintaining the abolition of the lifetime allowance was also favoured by 61 per cent of respondents.
Meanwhile, the Conservatives’ ‘triple lock plus’ policy resonated with older voters with 65 per cent of over 55s aware of the policy and broadly understanding its aims.
June 19: SNP pledges to deliver 'most progressive' income tax system
The Scottish National Party said it will deliver the “fairest and most progressive” income tax system in the UK, if elected.
SNP leader John Swinney said it was the only party to be arguing for an end to spending cuts.
He said: “The SNP manifesto argues for new, sensible fiscal rules that will end the cuts, reverse the £1.3bn cut to Scotland’s capital budget, and invest in public services, starting with the NHS.”
Amongst the proposals the party pledged to rejoin the EU and deliver Scottish independence.
June 17: Reform UK launches 'contract' pledging tax cuts
Nigel Farage alongside Richard Tice, chairman of Reform UK laid out their manifesto plans but emphasised the party would not win this general election.
Farage said: “This election is the first important step on our road to the next general election in 2029. Our current aim and ambition is to establish a bridgehead in parliament and become an opposition party to Labour.”
The party said within its first 100 days in government it would raise the income tax start point to £20,000 which it says will free up seven million people from paying the tax.
While also cutting residential stamp duty to 0 per cent below £750,000, 2 per cent from £750,000 to £1.5mn and 4 per cent for more than £1.5mn.
June 13: Labour launches manifesto with pensions review and 'wealth creation' promise
The Labour Party has set out its manifesto promising a review of pensions to grow UK investment and prioritising 'wealth creation' with policies.
He said the party will make hard choices to restore the country's economy and public services.
The leader reiterated promises not to increase national insurance, VAT or income tax.
"I make no apologies for ruling out tax rises for working people," said Starmer.
"I don't believe it is fair when they are already paying this much, especially during a cost of living crisis."
Tax changes already announced, such as VAT on private school fees and closing loopholes in the non-dom tax status, were set out in the manifesto.
June 12: The Green party manifesto: experts' verdict
The Green party’s pledge to introduce a ‘wealth tax’ on the country’s richest individuals will be both damaging and difficult to implement, according to experts.
Rachael Griffin, tax and financial planning expert at Quilter, said the Greens' plans to introduce a “wealth tax” of 1 per cent annually on assets above £10mn and of 2 per cent on assets above £1bn might be popular amongst some.
However she warned the policy could have a damaging impact on the economy if investors are pushed to move their capital elsewhere.
